The lease, which will encompass offices on the fifth and sixth floors, has a 16-year term. Asking rent for the space was $58 per sf. Brian Given and Steven Jaray of GVA Williams represented OSG. Tishman Speyer Properties owns the building and was represented in-house by Greg Conen.
For more than two decades, OSG rented 35,000-sf offices spread over six floors at 511 Fifth Ave. However with the demand for oil booming, OSG was in need of a much larger headquarters that would place its employees on fewer floors. According to a GVA spokesperson, the company is expecting to bring additional employees.
"It was a challenge to both consolidate and expand OSG's current space," Given says. "But the new location is almost twice the size of their previous office, yet only takes up two floors. Plus, the new class A, glass and steel building fits OSG's image as a worldwide leader in crude oil shipping." Other tenants in the 32-floor site include American Securities, Salomon Smith Barney and Credit Agricole.
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